How To Choose The Right Life Insurance In India?

If you’ve been asked to buy life insurance by a relative or employer, Life Insurance in India is an important consideration.

However, it can be difficult to know the right amount of coverage to purchase and even more difficult to find the best company. That’s why we researched eight major Indian providers and compared them on a variety of factors like coverage, annual premiums, customer service reviews, and exclusions. By reading our report you will be able to make an informed decision. Our hope is that this guide will help you find the perfect insurer for your needs!

India has no universal law that governs insurance and the country has a wide number of insurance providers. The companies are bidding for pool of customers who are seeking cover for their different types of needs. India’s life insurance market is very competitive, with new companies entering and existing ones scrambling to offer more features to stay relevant in today’s environment. However, with such a large number of insurers offering similar products it can be hard for most people to make an informed decision about which company offers the best deal. That is why we have created a list that includes several Indian insurers, allowing you to compare them by factors like coverage and annual premium so you don’t have to worry about trying out every single provider yourself!

Thanks to the stability of the economy and its development in recent years, purchasing life insurance in India has become much easier than it used to be. However, there are still various features that you need to think about when buying a policy, including:

Coverage.

When you purchase a life insurance policy in India you will have to decide how much coverage is enough for you. Coverage is usually calculated based on how important the person/people who are insured are to your own personal income and assets. If they contribute significantly towards your overall financial position then purchasing more extensive coverage would be a wise move. You will also have to decide on how long you are willing to insure your loved ones. Most policies have a maximum coverage period of 25 years, but there are some that offer coverage for even longer time periods.

Annual Premium.

The cost of annual premiums for life insurance in India is based on the number of insured people as well as the amount of coverage that you choose to purchase. Companies charge more for insuring a high-risk individual than an individual who is below average risk and would therefore require less insurance. However, if you are unable to buy lengthy coverage from a company then it is advisable to purchase from an insurer that charges low premiums so that your financial outgo on insurance is kept within the most manageable limits possible.

Customer Support.

A key advantage of purchasing life insurance in India is that you will be able to speak to an insurance advisor whenever you require assistance. Therefore, it is important that the company you choose has an easy to use and accessible customer service phone number and live advisors who are able to help you with any life insurance questions that you have. Also, it is advisable to purchase a policy from a company with a history of offering excellent customer support so that they can reliably be counted on if you have any issues in the future.

Other Exclusions.

When you purchase life insurance in India it is important to also consider the other exclusions in your policy. Certain conditions are mandatory for all insurers and some companies may also offer certain exclusions that will not be offered by other companies. Therefore, you should thoroughly read your policy and ask whether there are any special exclusions that would alter the level of coverage you would normally receive.

Life Insurance Companies in India:

Aviva Life Insurance is one of the most popular insurers in India. Aviva Life offers life insurance to people from all walks of life, from those who are very healthy to individuals who have health conditions that require constant monitoring by medical experts. Aviva Life’s policies offer an extensive range of coverage for different periods, so you should easily be able to find a product that works for you. The company also prides itself on its customer service, with advisors available 24/7 via phone, email and live chat. In addition, they also offer post claim assistance and integrated financial planning to their customers.

Life Insurance Corporation of India (LIC) is a state-owned corporation that has been providing insurance coverage to the Indian population for more than 70 years. The company offers an extensive range of life insurance and personal accident products such as family floater and combined policies. They have a wide network of branches in all major cities throughout the country and have agents that are spread out across India to provide assistance with policies in case you are not able to visit a branch location or your local agent.

HDFC Life Insurance is an Indian-based company that has established itself as one of the largest and most reliable life insurance providers in the country. The company offers a variety of products and services that includes single premium policies, sports and health insurance, pension plans etc. HDFC Life specialises in providing personalized coverage for their customers based on their needs, which is why the company offers a range of plans including those for individuals with preexisting conditions. HDFC also boasts excellent customer service and has numerous ways in which customers can communicate with the customer service staff.